2005 Minnesota Statutes - 48.033 — State banks, liability of shareholders.

     48.033 State banks, liability of shareholders. 


    Notwithstanding sections 48.03 and 49.24, any shareholder 
 of a state bank whose deposits are not insured by the Federal 
 Deposit Insurance Corporation, shall be personally liable for 
 the debts of said bank to the extent of the par value of the 
 shares held by the shareholder.  


    HIST: 1955 c 335 s 1; 2005 c 69 art 3 s 1 


*   NOTE:  The amendment to this section by Laws 2005, chapter 
*69, article 3, section 1, is effective August 1, 2006.  Laws 
*2005, chapter 69, article 4, section 2.